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Friday, December 8, 2023

Eloelo raises $22M in funding to develop leisure app

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Social gaming and livestreaming platform Eloelo introduced right this moment that it has raised $22 million in its pre-Collection B spherical of fundraising. In keeping with the platform’s creators, this funding will go in direction of attracting and constructing relationships with expertise, constructing out AI and AR instruments and strengthening income initiatives for customers.

Courtside Ventures and Griffin Gaming Companions led the spherical, with participation from Mixi Inc, Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital. Nick Tuosto, Griffin’s managing director, stated of Eloelo: “Via the magic of gamification, Eloelo is remodeling livestreams into fascinating experiences that translate to deep viewers engagement. The platform has attracted an unlimited neighborhood of content material creators, driving its development to almost 40 million customers — a hanging testomony to the potential forward for Eloelo.”

Eloelo already raised $13 million in its Collection A fundraising spherical in June 2022. In keeping with the corporate, the platform has over 37 million customers and 120,000 creators at current.

Saurabh Pandey, Eloelo’s CEO and founder, stated in a press release, “Eloelo needs to be a ‘occasion in your
pocket,’ the place customers aren’t simply watching a livestream however are a part of the expertise. We’re pioneering a brand new class of Reside Leisure + Video games + Communities – nearly like a ‘Digital Third Place’ the place younger Indians are at all times related. We’re India’s largest Reside Leisure app rising at over 400% YoY. This fundraise in such a testing macro atmosphere additional enforces the assumption our buyers have in our imaginative and prescient.”

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